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PNB hits 20-month low on discovery of additional unauthorized transactions

The stock slipped 9% to Rs 102 on the BSE in intra-day trade, its lowest level since June 24, 2016.

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Pedestrians walk past a Punjab National Bank office in Mumbai (Photo: Reuters)

SI Reporter Mumbai
Shares of Punjab National Bank (PNB) hit a 20-month low of Rs 102, slipping 9% on the BSE in early morning trade, after the government-owned bank said it has revealed an additional unauthorized transactions by around Rs 13 billion (USD 204 million). The stock was trading at its lowest level since June 24, 2016.

This increase means that the total fraud now amounts to nearly Rs 127 billion ($2 billion) as against the original estimated Rs 114 billion ($1,772 million).

“In continuation to our filing with Stock Exchanges on 14.02.2018, we have to inform that quantum of reported

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First Published: Feb 27 2018 | 9:40 AM IST

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